FAQ

Frequently asked questions

Is this website only for South Africans or can anyone join BitClub Network?

Anyone can join. BitClub Network is already big in a number of countries around the world….with more than 300 000 paid members globally, and growing quickly. So you could join here and then interest your friends, family members or business colleagues in other countries or regions in the opportunity.

Is this some kind of “pyramid scheme”?

(We pose this question ONLY because it’s one that has been asked previously). And the answer is NO! Bitcoin is a legitimate crypto-currency, already used by many people around the world, whilst BitClub Network is simply a platform in which people can come together to share in the profits generated by the mining of bitcoin and other cryptocurrencies. As opposed to “cloud mining” in which bitcoin mines exist in name only, we have our own mines (the largest being in Iceland) and we’re on the blockchain – through which our mining activity can be verified at all times. See www.blockchain.com

What does it cost to join BitClub Network?

A once-off USD$99 to upgrade, so as to get a position on the binary PLUS the cost of a share in a mining pool. A share in the entry level pool (pool 1) costs $500, a share in Pool 2 costs $1 000 and a share in Pool 3 costs $2000. A share in all three pools, which will give you a Founder’s pool, costs $3 500. The cost of a share in a GPU pool costs $1 000 whilst the cost of a GPU Founder’s pool is $5 000. All fees are payable in Bitcoin Cash. (Note that payment CANNOT be made in a FIAT currency, nor can it be made by EFT or credit card!)

Could I just buy a position to start?

You could, yes. But you wouldn’t earn from our mining activity.
If you buy a position, you must try to purchase a share in a mining pool as soon as you can.

How do I join BitClub Network?

To join BitClub Network, you first need to register as a free member. (On this note, PLEASE register under a paid member who understands the business. Registering under someone who has only a limited understanding at best can cause problems for you down the line). Once you’ve registered, you need to get yourself a bitcoin wallet. (There are a number of portals on the internet which allow for the opening of a wallet. In South Africa, the three most common providers are www.luno.com, www.altcointrader.co.za and www.localbitcoins.com). You then need to purchasitcoin, and change it into Bitcoin Cash. We do not accept payment in anything other than Bitcoin Cash.

How do I buy bitcoin?

There are many platforms through which to buy Bitcoin, and Bitcoin Cash – depending in which country you reside. Most platforms offer the same services so you just need to pick one that you like and feel comfortable with. If you’re in South Africa, we’d suggest one of the following: www.luno.com www.altcointrader.co.za or www.localbitcoins.com, (Two are in South Africa whilst the third is international, but all are well-known and trusted). At Bitclub Network, we price everything in US dollars, so we have a standard price for our products. (We don’t accept USD or any other fiat currency, however). To join, you need to pay a one-time US$99 membership fee that will give you a lifetime access to our platform and allow you to participate in our mining pool shares and any other opportunities we provide in the future. You’ll need to pay this US$99 (currently only in Bitcoin Cash) to activate your account before purchasing any other products. On any of the three portals mentioned, you’ll purchase bitcoin at the market price and we’d suggest you load your account all at once so that you minimise your fees. So if you want to pay your membership fee and purchase a mining share at one time, you’ll need US$599 worth of Bitcoin Cash ie $99 for joining and $500 for a share in Pool 1. (Note that $599 is the MINIMUM investment, with Pool 1 being the entry-level pool. If you can afford to buy Pool 3 or the Founder’s pool, do so as you’ll find the returns to be higher.

If I want to join BitClub Network, but need help doing so, is there anyone to help me?

So long as you’ve already bought your Bitcoin, or Bitcoin Cash, or have the money to do so, yes, we could arrange to meet with you to help you buy a position and a share in a mining pool. Obviously this would depend on where you are. If you live in South Africa and are in the Johannesburg or Pretoria area, we could certainly arrange to meet. If you live outside of South Africa, we could set up a skype, Zoom or whatsapp call to assist you.

Do I have to “recruit” people to earn through BitClub Network?

You do not. Whilst there’s a network marketing component to BitClub Network, it’s up to you to decide whether to introduce others or not. You could simply purchase a mining share in one of our mining pools and earn from your daily mining activity and the increases in the prices of Bitcoin and Bitcoin Cash as they rise. Sure, you’d earn more by bringing your family members, friends and colleagues into your Bitclub Network business, so you can profit from a) their mining activity and b) binary commissions, but that would be your choice. BitClub Network caters for investors and team-builders ie network marketers but no-one will force you to recruit – although you’d probably want to tell others after gaining an understanding of the various revenue streams and seeing how much money there is potentially to be made.

Would I need to mine bitcoin myself?

No. We do the mining on your behalf. You are not required to know anything about the mining process, although it would be a good idea for you to have a basic understanding in time.

Can I withdraw my bitcoin if need be?

Absolutely. Whenever you like, although we would discourage you from making withdrawals during the first 12 months. Rather leave your mining pool share on a 100% repurchase so it accumulates partial shares quicker. If you are a teambuilder however and are earning through one of our revenue streams, then certainly, you can withdraw whenever you want. Just log into your back office, click on your Bitcoin or Bitcoin Cash wallet and click “withdrawal”. Your withdrawn amount will reflect within 48 hours (maximum) and from there, you can exchange it into the fiat currency of your choice.

Where could I spend my bitcoin?

There are a number of places within South Africa that you can spend bitcoin, and all types of things to spend it on. From a playstation for your kids to a hotel room room in Cape Town and an airline ticket to Dubai on Emirates. As time goes on, more and more merchants will start to accept bitcoin – as they have done in countries like Japan and the United States.

Can BitClub Network verify mining?

We can indeed. We have a public mining pool where you can track our hashing power in real time. See www.bitclubpool.com As our membership grows around the globe (and we are growing so quickly, it’s staggering), so do our mining pools. More and more hashing power is being added to our mining pools, and all mining activity can be tracked in real time. Having more hashing power allows us to hit more blocks on a daily and weekly basis. It is our intention to be one of the largest mining pools in the world by the end of 2018.

Who owns BitClub Network?

BitClub Network is run by a group of programmers, bitcoin mining experts and investors who have come together with network marketing leaders to offer a simple referral-based mining pool. In a sense, we have a decentralised corporate structure in which everyone knows their role. Fact is, we have an incredible and expert team assembled. That said, we prefer to let the technology and our business model do the talking.

Where is BitClub Network located?

Everywhere and nowhere. BitClub Network operates from all over the world, and this structure is intentional so there is no single point of failure or compliance issue that will hold us back. We have multiple mining locations across Europe and a major facility in Iceland. Our hosting servers and mining pool servers are located in the Netherlands with redundancies in Hong Kong and Switzerland. Our programmers work remotely, as do our support staff. We have no need for a physical location. Should this concern you? Not in the slightest. Bitclub Network is operated virtually, due to blockchain technology and other decentralised and distributed networks. With no overheads from a physical “Head Office”, profits are maximised and passed onto our members.

Does BitClub Network guarantee a Return on Investment (ROI)?

We don’t, and never will. Bitclub Network will never guarantee that a mining share will have a set return. That said, you will not hear us make any claims about how much you will earn from having a share in one of our mining pools. Why? Because bitcoin mining is extremely complex and with the difficulty level constantly increasing, it is impossible for anyone to accurately predict an ROI. (Especially with our business model requiring re-purchases ie daily maintenance fees). On this note: if you find any company guaranteeing you a set return eg 1 or 2% per day, there’s a high probability they’re a ponzi scheme. The sad reality is you will never know if a cloud mining company is actually mining, so we recommend you steer clear unless they are totally transparent. At Bitclub Network, we’re a legitimate and solid mining operation and everything we have, or mine, can be verified on the blockchain.

Because of how mining works, it’s getting harder for smaller miners to make profits. When bitcoin came into being, anyone could mine with their home computer and hit a block. Now, even if you have millions of dollars worth of equipment, you still might be too small to solo mine and be profitable, so the entire industry has turned to mining in pools and sharing profits. In order to be profitable today, one needs to have massive purchasing power.With our business model, instead of raising capital through the markets, we allow members to pool their money so as to allow large purchases. This pooling results in larger discounts on hardware, less electricity costs and a much more efficient mining operation. By taking a percentage of all the bitcoin mined and putting it toward a re-purchase, we’ve basically created an automatic “autoship” so that members never have to pay out of their own pocket. With such a structure, we all win. This is why Bitclub Network can – and likely will – become one of the largest bitcoin mining pools in the world. As things stand currently, we occupy position No. 8 on the blockchain. See www.blockchain.com

Does BitClub Network have offices in South Africa?

Yes, we do. Our offices are in Johannesburg– currently just off Malibongwe Drive in Randburg, but with an impending move to Rosebank.

Are there any presentations we can attend?

Presentations are held in Johannesburg three times a week. (Tuesdays, Thursdays and Saturdays, each commencing at 11h00).
There are other presentations around the country, but these are organised by individual members, and posted on our whatsapp groups once we are made aware of them.

How long has Bitclub Network been around for?

Four years. Since 2014.

How many members does it have?

More than 650 000. Most members are in South East Asia (primarily in South Korea, Malaysia and Japan). There are also members in the Middle East and Africa, plus in countries in Europe.

How many members in Africa?

There are in excess of 10 000 members in South Africa currently, whilst the number of members in eg Kenya, Nigeria and Ethiopia is still to be confirmed. This said, many people in Africa are awakening to the Bitclub Network opportunity and the numbers of new people joining grows daily.

Are there any presentations we can attend?

Presentations are held in Johannesburg three times a week. (Tuesdays, Thursdays and Saturdays, each commencing at 11h00).

There are other presentations around the country, but these are organised by individual members, and posted on our whatsapp groups once we are made aware of them.

Will I be able to host my own presentations as a member?

Yes, this is permissible. But only after attending training and once you are equipped with sufficient knowledge of Bitcoin, cryptocurrencies and the Bitclub Network opportunity in particular.

Can you supply marketing material, should I decide to build a team and host my own presentations?

Yes, absolutely. We already have a flyer and brochure available for our team members and can easily supply you with artwork for T-shirts, caps, car magnets and pull-up banners should you require them. Note however that the costs to print these items would be for your account.

Is training provided to paid members?

Yes, but only in Johannesburg, and on Saturday mornings. This is basic training for all new members.

We provide more advanced training for members of our team.

If I live outside of South Africa, how do I get trained?

We could organise training over whatsapp, Zoom or Google Hangout calls (whichever is easiest and most convenient for you).

How many whatsapp groups do you have?

We have three whatsapp groups in South Africa, plus groups in Botswana, Namibia, Zimbabwe, Zambia, Uganda, Rwanda, Ghana, Nigeria and Kenya.

Only those who have registered as free members under our team members can be added to these groups.

Why is registering under someone knowledgeable so important?

If you register under someone who has only recently joined Bitclub Network, and who has only a limited understanding of how the business works, you could encounter problems down the line.

This is a complex business and knowledge is hugely important. Our advice is to always register under someone who has undergone extensive training and can support you if you ever encounter issues or have questions.

How do I set up a bitcoin wallet?

Opening a bitcoin wallet is simple and straightforward. This said, if you require assistance with this, please email earn@bitclub.co.za

Should one upgrade first, and then buy a share in a mining pool? Or can I do both at the same time?

Upgrade first. Then buy a share in a mining pool.

What kind of returns can be expected from a mining pool purchase?

Based on past and current performance, any Bitclub Network mining share – be it bitcoin or GPU – should attract a return of between 1 – 5% per month.

Note that these are ANTICIPATED returns and cannot be guaranteed. Some months may yield a lower return, and other months, a higher return.

What happens after the 1 000 days of my bitcoin mining contract?

Once your 1 000 days of mining have elapsed, your share will expire. By then, however, your share would have grown to perhaps two or three shares – possible even more. This, through the accumulation of partial shares. These shares would then continue mining for you for a further 1 000 days – without you having to pay a cent extra.

So, I buy one mining share and the additional shares created continue to mine for me?

This is correct, yes.

Can I buy only one share in a mining pool?

No, you can buy as many shares in any pool as you want.

What are the tax implications of earnings accruing from a mining share?

If you convert your bitcoin into rand and deposit rands into your South African bank account, you will be required to pay tax as the amount deposited will be regarded as income. Please speak to a tax practitioner in this regard. (We could refer you to a practitioner specialising in tax pertaining to cryptocurrencies if you prefer).

What happens to my mining share(s) on my passing?

Your mining shares can be taken over by your next-of-kin. So long as he or she is in possession of your username and password. The person taking over of your account(s) should advise Support, however. This can be done by opening a Support ticket once you log in to www.bitclubnetwork.com, using your log-in details.

Where is the big money made?

Undoubtedly, in the building of a team. Whilst the mining side of the business can certainly create wealth over time, it’s in the teambuilding that the (potentially) big money is made.The bigger the team, the bigger the earnings.

Where can I view the compensation plan?

The video explaining the compensation plan is sent out to new members when they register as free members. (You have to register as a free member before upgrading to a paid member).

If you are intending to join as a paid member, have not registered as a free member, and do NOT have anyone to register under, we will be happy to send you a link.

As soon as you’ve registered, we will receive a notification and add you to one of our whatsapp groups ie the whatsapp group of your country of residence. You will then be sent the compensation plan.